Editor’s Note
The Wolgok Jewelry Industry Research Institute has released its comprehensive 2020 Annual Report, providing a detailed analysis of the Korean jewelry market. This white paper serves as a key resource for industry professionals seeking current market data and trends.
The Wolgok Jewelry Industry Research Institute (hereinafter referred to as Wolgok Research Institute), an affiliated research institute of the Wolgok Jewelry Industry Promotion Foundation, announced on the 8th that it has published the ‘2020 Annual Report (Korea Jewelry Market Research)’.
The 250-page ‘2020 Annual Report’, which contains recent jewelry market information, is a jewelry information white paper that includes not only the size of the domestic jewelry market but also the results of jewelry consumer surveys and research reports conducted exclusively by Wolgok Research Institute, trends in key raw materials and consumer markets, and domestic and international jewelry market trends.
The annual report consists of a total of 4 chapters: ▲Part 1. Global Jewelry Market ▲Part 2. Korean Jewelry Market ▲Part 3. Jewelry Consumer Survey ▲Part 4. Jewelry Market Issues & Trends.
Recently, as the coronavirus has hit the world, the growth of the Asian market, which was one of the strongest markets in the global market, has slowed. Amid this, the online market in the global market is attracting attention. The size of the global online market is approximately $28.5 billion (about 33 trillion won), a 17.1% increase compared to the previous year. Compared to the overall market growth of 1.9%, this is truly a remarkable growth rate.
In addition, Part 1 contains information on trends in the raw material markets for gold, silver, platinum, and diamonds, as well as jewelry markets by characteristic such as luxury, wedding, fashion, fine, and online.
The domestic market is also not significantly deviating from this trend. The domestic jewelry market, worth 5.4982 trillion won, showed a slight upward trend (0.8% growth) compared to 2018, which had a significant decline (-12.4% growth). Although potential instabilities such as the contraction of the consumer market and the sharp decline in the marriage population still exist, the domestic online jewelry market is showing a clear change, recording more than double the growth in both consumption (purchase rate) and market share compared to the previous year.
Part 2 also examines the status of domestic jewelry and raw material imports and exports, the Diamond Price Index (KDPI), changes in jewelry businesses and employees, and information on gold, wedding gifts, luxury, online jewelry, and watch markets.
Wolgok Research Institute has been monitoring jewelry consumers without a single break for the past 10 years. In a situation where market information was severely lacking, it recorded each consumer’s behavior, observed its changes, and tracked them. This is because understanding the jewelry industry and creating new markets through data analysis had to be prioritized for business growth.
Part 3 identifies who the consumers who purchased jewelry during the year are and what characteristics they have. For consumer behavior analysis and strategy establishment, the most widely used surveys in the industry are included: △JAS (Jewelry Purchase Rate Survey) △FJAS (Fashion Jewelry Purchase Rate Survey) △JBS (Jewelry Brand Survey) △Online Jewelry Purchase Behavior Survey.
The fourth part contains keywords that should be noted to diagnose the current state of the jewelry market and establish future strategies. Additionally, practical information that can be immediately referenced for overseas market entry and brand marketing strategies can also be found.
Therefore, Part 4 is divided into 5 topics: △Domestic Jewelry Market and Consumption Trends △2019 Precious Metal Content Survey △Synthetic Diamond Market Status △Overseas Exhibition Participation Manual for Fashion Jewelry Designers △2020 Jewelry Marketing Calendar.
The ‘2020 Annual Report’ can be downloaded for free from the newly changed Wolgok Research Institute website.
